Version 2.1

Introduction

This spreadsheet is provided free of charge for you to use to further your education in options trading.The formulas used were taken from two great books on option trading

Option Volatility and Pricing by Sheldon NatenbergFinancial Models using Excel by Simon Benninga

You can read more about these books from the www.OptionTradingTips.com website

If you have any suggestions for this workbook or even have a bug to report, please feel free to emailme at admin@optiontradingtips.com

To stay up to date with changes to this workbook and other modifications to the website, please feel freeto subscribe:

I have written all the formulas in Visual Basic using modules and are freely disclosed, so you may examinethe logic, edit and change the calculations as you like.

TroubleshootingYou will need to have Macros enabled for the calculations to work.Follow the steps below to enable Macros:

Excel 97 - 2003Go to Tools/OptionsClick on the Security tabGo to Macro SecurityChange the setting to MediumClose and reopen the workbook. It will ask you if you want to enable Macros, click Yes

Excel 2007First, make sure that you can see the Developer tabIf there is no Developer tab, click on the Office icon to the top left of the applicationand choose Excel Options, which is located at the bottom right of the popup.Now click on Popular at the top left. Check the box titled "Show developer tab in the ribbon".

Now, click on the Developer tab.Click on Macro Security.Select "Disable all macros with notification" and press ok.Close and reopen spreadsheet.Now you should see a Security Warning appear in the toolbarthat reads "Macros have been disabled". Click on the options button.Select "Enable this content" and press ok.

Release Updates11/06/07 - Fixed a bug on the OptionStrategies tab. The greeks for Stock positions were previously displaying as Put options.27/04/06 - Fixed a bug that failed to calculate the theoretical change in P&L for stocks in the strategies tab.

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28/08/06 - Fixed a small calculation bug for the Option Theta, which now has a near perfect accuracy.1/10/06 - Added support for Dividend Yield, which can be used as a workaround to price options on futuresby making the Dividend Yield the same as the Interest Rate.

BasicThe worksheet labelled Basic is a simple option pricer.You simply enter the option details into the yellow shaded areas andthe output values will be displayed underneath in the blue shaded cells.

OptionPageOptionPage is a worksheet that allows you to price a string of calls and puts for the same expirationdate. Again, you enter the option details into the yellow cells and the output values are in the blueshaded cells.

You can calculate the market implied volatility for each option by simply typing in the market price ofthe option in the column labelled "Market Price" and the volatility implied by the option's market valuewill show in the column "Implied Volatility".

Column's A and L are where you can change the strike prices used for the calculations. Or you can justhave the values derive straight from the Underlying Price by default.

OptionStrategiesThis worksheet lets you enter combinations of options positions so you can view the payoff/risk graphs.The underlying data for the options is taken from the information entered into the OptionPage worksheet.Then just enter the number of contracts for each position and remember to put a negative number for sellpositions.For Type, just enter "c" for call options, "p" for put options and "s" for stock/futures position.If you know what the option is trading at, you can enter the market price in the "override premium"row to calculate the P&L of the position after taking into account the actual price of the option.

StrategyGraphsThis worksheet will show the current Greek position values of your option strategy while referencing thea range of underlying prices. You can change the range of values by changing the cell A17 in the OptionStrategiesworksheet.

This spreadsheet is provided free of charge for you to use to further your education in options trading.

You can read more about these books from the www.OptionTradingTips.com website

If you have any suggestions for this workbook or even have a bug to report, please feel free to email

To stay up to date with changes to this workbook and other modifications to the website, please feel free

I have written all the formulas in Visual Basic using modules and are freely disclosed, so you may examine

Now click on Popular at the top left. Check the box titled "Show developer tab in the ribbon".

11/06/07 - Fixed a bug on the OptionStrategies tab. The greeks for Stock positions were previously displaying as Put options.27/04/06 - Fixed a bug that failed to calculate the theoretical change in P&L for stocks in the strategies tab.

28/08/06 - Fixed a small calculation bug for the Option Theta, which now has a near perfect accuracy.1/10/06 - Added support for Dividend Yield, which can be used as a workaround to price options on futures

OptionPage is a worksheet that allows you to price a string of calls and puts for the same expirationdate. Again, you enter the option details into the yellow cells and the output values are in the blue

You can calculate the market implied volatility for each option by simply typing in the market price ofthe option in the column labelled "Market Price" and the volatility implied by the option's market value

Column's A and L are where you can change the strike prices used for the calculations. Or you can just

This worksheet lets you enter combinations of options positions so you can view the payoff/risk graphs.The underlying data for the options is taken from the information entered into the OptionPage worksheet.Then just enter the number of contracts for each position and remember to put a negative number for sell

For Type, just enter "c" for call options, "p" for put options and "s" for stock/futures position.If you know what the option is trading at, you can enter the market price in the "override premium"row to calculate the P&L of the position after taking into account the actual price of the option.

This worksheet will show the current Greek position values of your option strategy while referencing thea range of underlying prices. You can change the range of values by changing the cell A17 in the OptionStrategies

Underlying Price 100 The current base price of the instrument, eg, the closing price of Microsft StockExercise Price 100 The price at which the underlying instrument will be exchanged. Also called Strike PriceToday's Date 4/7/2023

Expiry Date 4/30/2023 The Date which the contract expiresHistorical Volatility 20% The Historical Volatility of the asset's returns

Risk Free Rate 5.00% The current risk free interest rate i.e. your return on cash held in the bankDividened Yield 0.00% The Annualized Dividend Growth Rate of the Stock

DTE (Years) 0.06

Call Option Put OptionTheoretical Price #VALUE! #VALUE!

Delta #VALUE! #VALUE! The amount that the theoretical price will change if the market moves up/down 1 pointGamma #VALUE! #VALUE! The amount that the Delta will change if the market moves up/down 1 point

Theta #VALUE! #VALUE! The amount that the theoretical price will change when 1 day passes.Vega #VALUE! #VALUE! The amount that the theoretical price will change if the volatility of the asset moves up/down by 1 percentage pointRho #VALUE! #VALUE! The amount that the theoretical price will change if interest rates move up/down by 1 percentage point

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The current base price of the instrument, eg, the closing price of Microsft StockThe price at which the underlying instrument will be exchanged. Also called Strike Price

The current risk free interest rate i.e. your return on cash held in the bank

The amount that the theoretical price will change if the market moves up/down 1 pointThe amount that the Delta will change if the market moves up/down 1 pointThe amount that the theoretical price will change when 1 day passes.The amount that the theoretical price will change if the volatility of the asset moves up/down by 1 percentage pointThe amount that the theoretical price will change if interest rates move up/down by 1 percentage point

25.00 Underlying Price <-- Yellow cells are for user input7-Apr-23 Today's Date <-- Blue cells are the calculated outputs30.00% Historical Volatility This worksheet allows you to price multiple strikes for calls and puts for the same Expiry

2-May-23 Expiry Date with the same Underlying Price. Remember, you can customise your own workbook any way3.50% Risk Free Rate you like by using the formulas provided.2.00% Dividend Yield

25 DTE0.07 DTE in Years

Call OptionsTheoretiMarket Implied Option Greeks

Strike Prices Price Price Volatility Delta Gamma Vega Theta Rho22.50 ITM ### ### ### ### ### ### ###23.00 ITM ### ### ### ### ### ### ###23.50 ITM ### ### ### ### ### ### ###24.00 ITM ### ### ### ### ### ### ###24.50 ITM ### ### ### ### ### ### ###25.00 ATM ### ### ### ### ### ### ###25.50 OTM ### ### ### ### ### ### ###26.00 OTM ### ### ### ### ### ### ###26.50 OTM ### ### ### ### ### ### ###27.00 OTM ### ### ### ### ### ### ###27.50 OTM ### ### ### ### ### ### ###

This worksheet allows you to price multiple strikes for calls and puts for the same Expirywith the same Underlying Price. Remember, you can customise your own workbook any way

Put OptionsTheoretiMarket Implied Option Greeks

Strike Prices Price Price Volatility Delta Gamma Vega Theta Rho22.50 OTM ### ### ### ### ### ### ###23.00 OTM ### ### ### ### ### ### ###23.50 OTM ### ### ### ### ### ### ###24.00 OTM ### ### ### ### ### ### ###24.50 OTM ### ### ### ### ### ### ###25.00 ATM ### ### ### ### ### ### ###25.50 ITM ### ### ### ### ### ### ###26.00 ITM ### ### ### ### ### ### ###26.50 ITM ### ### ### ### ### ### ###27.00 ITM ### ### ### ### ### ### ###27.50 ITM ### ### ### ### ### ### ###

Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7Contracts 1 -1

Type Stock CallStrike 25 25

Calculated Premium #VALUE! #VALUE! 0.00 0.00 0.00 0.00 0.00Override Premium

Premium Used #VALUE! #VALUE! 0.00 0.00 0.00 0.00 0.00Delta 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

Gamma 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.00Theta 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.00Vega 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.00Rho 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

Graph Increment1.00

P&L Payoff at Expiration MatrixUnderlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7

20 -5.00 #VALUE! 0.00 0.00 0.00 0.00 0.0021 -4.00 #VALUE! 0.00 0.00 0.00 0.00 0.0022 -3.00 #VALUE! 0.00 0.00 0.00 0.00 0.0023 -2.00 #VALUE! 0.00 0.00 0.00 0.00 0.0024 -1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0025 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0026 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0027 2.00 #VALUE! 0.00 0.00 0.00 0.00 0.0028 3.00 #VALUE! 0.00 0.00 0.00 0.00 0.0029 4.00 #VALUE! 0.00 0.00 0.00 0.00 0.0030 5.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

Current Theoretical P&L Relative to Underlying Price ChangesUnderlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7

20 -5.00 #VALUE! 0.00 0.00 0.00 0.00 0.0021 -4.00 #VALUE! 0.00 0.00 0.00 0.00 0.0022 -3.00 #VALUE! 0.00 0.00 0.00 0.00 0.0023 -2.00 #VALUE! 0.00 0.00 0.00 0.00 0.0024 -1.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

20 21 22 23 24 25 26 27 28 29 30

0.00

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8.00

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Profit / Loss at Expiration

25 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0026 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0027 2.00 #VALUE! 0.00 0.00 0.00 0.00 0.0028 3.00 #VALUE! 0.00 0.00 0.00 0.00 0.0029 4.00 #VALUE! 0.00 0.00 0.00 0.00 0.0030 5.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

Current Position Delta Relative to Underlying Price ChangesUnderlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7

20 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0021 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0022 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0023 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0024 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0025 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0026 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0027 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0028 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0029 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.0030 1.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

Current Position Gamma Relative to Underlying Price ChangesUnderlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7

20 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0021 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0022 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0023 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0024 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0025 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0026 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0027 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0028 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0029 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0030 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

Current Position Theta Relative to Underlying Price ChangesUnderlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7

20 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0021 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0022 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0023 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0024 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0025 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0026 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0027 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0028 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0029 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0030 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

Current Position Vega Relative to Underlying Price ChangesUnderlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7

20 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0021 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0022 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

23 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0024 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0025 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0026 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0027 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0028 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0029 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0030 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

Current Position Rho Relative to Underlying Price ChangesUnderlying Price Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7

20 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0021 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0022 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0023 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0024 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0025 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0026 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0027 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0028 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0029 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.0030 0.00 #VALUE! 0.00 0.00 0.00 0.00 0.00

Strat8 Strat9 Strat10 Total

0.00 0.00 0.00

0.00 0.00 0.00 #VALUE! Total Cost0.00 0.00 0.00 #VALUE! Position Delta0.00 0.00 0.00 #VALUE! Position Gamma0.00 0.00 0.00 #VALUE! Position Theta0.00 0.00 0.00 #VALUE! Position Vega0.00 0.00 0.00 #VALUE! Position Rho

Strat8 Strat9 Strat10 P&L Intercept0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!0.00 0.00 0.00 #VALUE! #VALUE!

Strat8 Strat9 Strat10 P&L0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!

0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!

Strat8 Strat9 Strat10 Total0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!

Strat8 Strat9 Strat10 Total0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!

Strat8 Strat9 Strat10 Total0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!

Strat8 Strat9 Strat10 Total0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!

0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!

Strat8 Strat9 Strat10 Total0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!0.00 0.00 0.00 #VALUE!

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P&L at Expiration

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Delta

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Gamma

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Theta

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12.00

Vega

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0.00

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Rho

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0.00

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Delta

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Theta

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Rho

IMPLIED VOLATILITY

Low Neutral

Bearish

Buy Naked Puts Sell the

Bear Vertical Spreads: Underlying

Buy ATM Call/Sell ITM Call

Buy ATM Put/Sell OTM Put

Sell OTM (ITM) Call (Put) Butterflies

Buy ITM (OTM) Call (Put) Time Spreads

Neutral

Backspreads Do Nothing

Buy Straddles/Strangles

Sell ATM Call Or Put Butterflies

Buy ATM Call Or Put Time Spreads

Bullish

Buy Naked Calls Buy the

Bull Vertical Spreads Underlying

Buy ATM Call/Sell OTM Call

Buy ATM Put/Sell ITM Put

Sell ITM (OTM) Call (Put) Butterflies

Buy OTM (ITM) Call (Put) Time Spreads

MARKET DIRECTION

IMPLIED VOLATILITY

High

Sell Naked Calls

Bear Vertical Spreads:

Buy OTM Call/Sell ATM Call

Buy OTM (ITM) Call (Put) Time Spreads

Buy ITM (OTM) Call (Put) Butterflies

Sell OTM (ITM) Call (Put) Time Spreads

Ratio Vertical Spreads

Sell Straddles/Strangles

Buy ATM Call Or Put Butterflies

Sell ATM Call Or Put Time Spreads

Sell Naked Puts

Bull Vertical Spreads

Buy ITM Call/Sell ATM Call

Buy OTM Put/Sell ATM Put

Buy OTM (ITM) Call (Put) Butterflies

Sell ITM (OTM) Call (Put) Time Spreads

100 Underlying Price100 Exercise Price

7-Apr-23 Today's Date25.00% Historical Volatility

6-Jun-23 Expiry Date0% Risk Free Rate0% Dividend Yield60 DTE

0.16 DTE in Years

75 80 85 90 95 100 105 11090 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

100 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!110 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

75 80 85 90 95 100 105 110 115 120 125

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Gamma vs Underlying Price

90

115 120 125#VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE!

100 Underlying Price100 Exercise Price

7-Apr-23 Today's Date25.00% Historical Volatility

6-Jun-23 Expiry Date0% Risk Free Rate0% Dividend Yield60 DTE

0.16 DTE in Years

75 80 85 90 95 100 105 11090 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

100 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!110 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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Vega vs Underlying Price

90

115 120 125#VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE!

100 Underlying Price100 Exercise Price

7-Apr-23 Today's Date25.00% Historical Volatility

6-Jun-23 Expiry Date0% Risk Free Rate0% Dividend Yield60 DTE

0.16 DTE in Years

100 90 80 70 60 50 40 30100 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!100 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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Call Theta

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Call Option Price

DTE Theta Theo % Diff100 #VALUE! #VALUE! #VALUE!

99 #VALUE! #VALUE! #VALUE!98 #VALUE! #VALUE! #VALUE!97 #VALUE! #VALUE! #VALUE!96 #VALUE! #VALUE! #VALUE!95 #VALUE! #VALUE! #VALUE!94 #VALUE! #VALUE! #VALUE!93 #VALUE! #VALUE! #VALUE!

20 10 1 92 #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! 91 #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! 90 #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! 89 #VALUE! #VALUE! #VALUE!

88 #VALUE! #VALUE! #VALUE!87 #VALUE! #VALUE! #VALUE!86 #VALUE! #VALUE! #VALUE!85 #VALUE! #VALUE! #VALUE!84 #VALUE! #VALUE! #VALUE!83 #VALUE! #VALUE! #VALUE!82 #VALUE! #VALUE! #VALUE!81 #VALUE! #VALUE! #VALUE!80 #VALUE! #VALUE! #VALUE!79 #VALUE! #VALUE! #VALUE!78 #VALUE! #VALUE! #VALUE!77 #VALUE! #VALUE! #VALUE!76 #VALUE! #VALUE! #VALUE!75 #VALUE! #VALUE! #VALUE!74 #VALUE! #VALUE! #VALUE!73 #VALUE! #VALUE! #VALUE!72 #VALUE! #VALUE! #VALUE!71 #VALUE! #VALUE! #VALUE!70 #VALUE! #VALUE! #VALUE!69 #VALUE! #VALUE! #VALUE!68 #VALUE! #VALUE! #VALUE!67 #VALUE! #VALUE! #VALUE!66 #VALUE! #VALUE! #VALUE!65 #VALUE! #VALUE! #VALUE!64 #VALUE! #VALUE! #VALUE!63 #VALUE! #VALUE! #VALUE!62 #VALUE! #VALUE! #VALUE!61 #VALUE! #VALUE! #VALUE!60 #VALUE! #VALUE! #VALUE!59 #VALUE! #VALUE! #VALUE!58 #VALUE! #VALUE! #VALUE!57 #VALUE! #VALUE! #VALUE!56 #VALUE! #VALUE! #VALUE!55 #VALUE! #VALUE! #VALUE!54 #VALUE! #VALUE! #VALUE!53 #VALUE! #VALUE! #VALUE!52 #VALUE! #VALUE! #VALUE!51 #VALUE! #VALUE! #VALUE!50 #VALUE! #VALUE! #VALUE!49 #VALUE! #VALUE! #VALUE!

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12

Call Option Price

48 #VALUE! #VALUE! #VALUE!47 #VALUE! #VALUE! #VALUE!46 #VALUE! #VALUE! #VALUE!45 #VALUE! #VALUE! #VALUE!44 #VALUE! #VALUE! #VALUE!43 #VALUE! #VALUE! #VALUE!42 #VALUE! #VALUE! #VALUE!41 #VALUE! #VALUE! #VALUE!40 #VALUE! #VALUE! #VALUE!39 #VALUE! #VALUE! #VALUE!38 #VALUE! #VALUE! #VALUE!37 #VALUE! #VALUE! #VALUE!36 #VALUE! #VALUE! #VALUE!35 #VALUE! #VALUE! #VALUE!34 #VALUE! #VALUE! #VALUE!33 #VALUE! #VALUE! #VALUE!32 #VALUE! #VALUE! #VALUE!31 #VALUE! #VALUE! #VALUE!30 #VALUE! #VALUE! #VALUE!29 #VALUE! #VALUE! #VALUE!28 #VALUE! #VALUE! #VALUE!27 #VALUE! #VALUE! #VALUE!26 #VALUE! #VALUE! #VALUE!25 #VALUE! #VALUE! #VALUE!24 #VALUE! #VALUE! #VALUE!23 #VALUE! #VALUE! #VALUE!22 #VALUE! #VALUE! #VALUE!21 #VALUE! #VALUE! #VALUE!20 #VALUE! #VALUE! #VALUE!19 #VALUE! #VALUE! #VALUE!18 #VALUE! #VALUE! #VALUE!17 #VALUE! #VALUE! #VALUE!16 #VALUE! #VALUE! #VALUE!15 #VALUE! #VALUE! #VALUE!14 #VALUE! #VALUE! #VALUE!13 #VALUE! #VALUE! #VALUE!12 #VALUE! #VALUE! #VALUE!11 #VALUE! #VALUE! #VALUE!10 #VALUE! #VALUE! #VALUE!

9 #VALUE! #VALUE! #VALUE!8 #VALUE! #VALUE! #VALUE!7 #VALUE! #VALUE! #VALUE!6 #VALUE! #VALUE! #VALUE!5 #VALUE! #VALUE! #VALUE!4 #VALUE! #VALUE! #VALUE!3 #VALUE! #VALUE! #VALUE!2 #VALUE! #VALUE! #VALUE!1 #VALUE! #VALUE! #VALUE!

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